If statement to determine if time value is higher than another time value

I have a spreadsheet with a bunch of time values (formatted as [h]:mm). I'm trying to write an IF statement that will determine if a cell value is higher than 40:00. I can't seem to figure it out. Any suggestions?


EDIT - If I type 40:00 in a random cell (we'll say B1) and the time I'm comparing is in A1 and have a formula like IF(A1>=B1,TRUE,FALSE). That works...but i was wondering if there is a way to put the 40:00 into the formula rather than typing it in a cell.

=IF(a1>40/24,value if true, value if false)